Taurus Investment Holdings and L&G – Asset Management, America Break Ground on 201-Unit Multifamily Community in Concord, Massachusetts

Taurus Investment Holdings and L&G – Asset Management, America have broken ground on Novo Riverside Commons, a 201-unit, two-building multifamily community at 292–294 Baker Avenue in Concord, Massachusetts, the firms announced Sept. 24, 2026. The ceremony brought together local officials, community representatives and project partners to mark the start of site work on the development.

The project represents L&G's first U.S. ground-up development and is being funded on behalf of L&G's Institutional Retirement business, which is deploying long-term retirement capital to support new housing supply. The 10.2-acre site was acquired for $4.75 million. L&G holds a minority stake in Taurus Investment Holdings.

Project Details and Affordability

Novo Riverside Commons will comprise two residential buildings totaling approximately 296,000 square feet and 201 units at 292–294 Baker Avenue in Concord, MA 01742. Of those units, 51 will be designated as permanently affordable, representing 25% of the total unit count in compliance with Massachusetts Chapter 40B guidelines. The remaining 150 units will be offered at market rate.

Construction is expected to begin in 2026, with the first building targeted for completion by the end of 2028 and the second expected to follow in 2029. The project received its Chapter 40B comprehensive permit in 2024 following an extended planning and entitlement process with the Town of Concord.

L&G is partnering with Taurus as the developer, with Callahan Construction Managers serving as the general contractor. Taurus originated the development opportunity and will oversee execution through construction and delivery. The project's design team includes CUBE3.

Sustainability Features

The community is designed to target Phius CORE 2024 standards. The fully electric design incorporates no onsite fossil-fuel combustion and includes planned geothermal heating and cooling systems alongside onsite solar generation. The project is planned to include approximately 111 kW of onsite solar photovoltaic capacity, expected to generate approximately 134,000 kWh of electricity annually. Taurus's strategic energy affiliate, EcoSmart Solution, will support implementation of the project's sustainability approach.

Steve Callahan, VP at Callahan Construction Managers, described the development as a model for sustainability and energy efficiency. "Creating much-needed housing is just one objective the Concord development project will address, as it is also a model for sustainability and energy efficiency, designed with geothermal mechanical systems, all-electric, and to Passive House standards," Callahan said. "We are excited for the opportunity to partner with the team of Taurus Investment Holdings, L&G, and CUBE3, along the town of Concord, to bring these 201 units of (150) market-rate and (51 permanently) affordable housing units to the region."

Strategic Context for L&G and Taurus

The Concord development builds on L&G's recent multifamily investments in the United States, including The Alder in the Denver metro area and Arkadia West Loop in downtown Chicago. L&G announced a strategic partnership with Taurus and an initial commitment of up to $200 million in seed capital for U.S. multifamily, providing the backdrop for this first ground-up domestic development.

Alexia Gottschalch, Head of US Real Estate Equity at L&G – Asset Management, America, said the project brings together long-term retirement capital, affordability and sustainability in a market with strong rental demand. "This project brings together long-term retirement capital, meaningful affordability and ambitious sustainability features in a Greater Boston market where demand for rental housing remains strong," Gottschalch said. "We are grateful to the Concord community, local officials, Taurus, EcoSmart and Callahan for their partnership as we move this development forward."

Peter A. Merrigan, CEO of Taurus Investment Holdings, noted the project's extended development timeline and the collaboration required to reach groundbreaking. "This project has been several years in the making, shaped through extensive planning and collaboration with the Town of Concord and many dedicated project partners," Merrigan said. "Reaching groundbreaking is a meaningful milestone for everyone involved, and we are grateful for the engagement and support that helped bring the project to this point. This project demonstrates how new housing, meaningful affordability and high-performance design can be brought together in a thoughtful way within a high-demand market."

Greater Boston Multifamily Market

The Concord development is situated in a Greater Boston submarket that L&G characterizes as structurally undersupplied. Greater Boston multifamily vacancy stood near 6.4% in the first quarter of 2026, with average asking rents in the Boston market running approximately $2,999 to $3,013 per unit and year-over-year rent growth turning positive again in mid-to-late 2026. Absorption has outpaced deliveries in the broader market, with roughly 6,400 units absorbed year to date against approximately 3,600 delivered, supporting the case for new suburban supply in well-located, supply-constrained submarkets.

Institutional cap rates for Boston multifamily have been clustering in the mid-5% range, with suburban Class A assets referencing cap rates around 4.75% and suburban Class B assets around 5.18% as of mid-September 2026.

Taurus Investment Holdings, established in 1997 and headquartered in Boston, is a global real estate investment and development firm. The firm has acquired or developed more than 76 million square feet of commercial space across industrial, multifamily, office, mixed-use and renewable energy sectors, totaling approximately $12.3 billion in value. L&G's Asset Management business manages $1.617 trillion in assets under management globally as of June 30, 2026.

Sources: L&G – Asset Management, America press release, Sept. 24, 2026